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Why make an offer when they have only just put their property on?

(26 Posts)
sandrabedminster Fri 17-Jun-16 12:28:36

I've just had an offer from someone that has only just put their property on the market.

Why is the ea even bothering to forward on this offer?

Its not far off what I would accept, but I don't beleive the ea when she says "her flat is in London so will sell quickly". I know people on different parts of London that have had their property on for months and not sold it.

Pootles2010 Fri 17-Jun-16 12:31:35

I believe the EA is legally bound to pass the offer on, you don't have to accept it obviously.

PestoSwimissimos Fri 17-Jun-16 12:32:53

The estate agent has a legal obligation to forward on all offers.

It's your prerogative to vet them.

helpbuyingahouse Fri 17-Jun-16 12:33:11

Maybe your buyer has put her flat on the market at a very attractive price. The market is dead in London because buyers feel that prices are too high. I would not discount the offer and would ask your estate agent for more information.

Hamishandthefoxes Fri 17-Jun-16 12:34:46

Surely it depends on how many other viewings you have booked in, how desperate you are to sell etc.

Last time we moved, we offered before our flat was on the market. the offer was accepted, but the flat we were buying stayed open for more viewings until we'd accepted an offer and instructed a survey.

I think it is completely sensible of the agent to forward all offers to you and it is what they're supposed to do anyway.

Savagebeauty Fri 17-Jun-16 12:35:01

I've just sold in London and the whole process was less than 3 months

Donatellalymanmoss Fri 17-Jun-16 12:37:35

I assume it's because they want to buy your house! This really isn't that unusual. It's the opening of a negotiation.

Jeremysfavouriteaunt Fri 17-Jun-16 12:40:04

I think it's okay to do that, we did and then sold within six weeks.

NarcyCow Fri 17-Jun-16 12:40:30

We put an offer on a house a few weeks ago, before ours was even on the market. The offer was accepted, but by the time it was, we had put ours up, had a viewing and accepted an offer from the first viewers.

If they like your place, they'd be stupid not to try for it. You don't have to accept it if you don't want to!

sandrabedminster Fri 17-Jun-16 12:43:57

Ah fair enough, well its still about 6% off what I would accept.

But I would be silly to agree to the agent to stop marketing the property right? If anything might help with a bidding war.

Jeremysfavouriteaunt Fri 17-Jun-16 12:55:09

If you don't want to accept it, then don't. I wouldn't get in to game playing it trying to encourage 'bidding wars'. I walk away from things like that as a buyer.
They might put in a revised offer in which case you could accept and stop active marketing.

What's the market like in your area,I am south east and it has definitely cooled recently, houses are sitting around longer and not going for anywhere near the asking price.

The house I am buying is £120k less than the asking price, the one I am selling has gone for 5% under the asking price but we put it on at a low price to start with as desperate to sell.

If you have just gone on the market, you might get some more offers still.

imjessie Fri 17-Jun-16 12:57:15

Because their house could sell today . Mine sold the first day and I offered on that house before I had sold mine . I got it .

wowfudge Fri 17-Jun-16 13:13:52

You could negotiate and see if they will offer what you will accept. But don't then mess them around. Or ask that they come back to you when they can proceed.

sandrabedminster Fri 17-Jun-16 13:28:19

Oh no I'm defo not going to mess them around. But at the same time their offer means nothing and they can pull out just like that.

Im tempted to thank them for the offer, but it would need to be a bit closer to asking price (its 30k less) for me to accept and I would only want my property to not be marketed anymore until they can proceed. Its been up for sale for 6 weeks and I'm in no rush.

Jeremysfavouriteaunt Fri 17-Jun-16 13:32:53

I think it's fair enough to keep marketing it until they can proceed.

FinallyHere Fri 17-Jun-16 13:33:30

In your case, I would make clear the minimum you would accept, not as a negotiation but just for clarity. Make sure the EA knows this figure, too. Continue marketing the house meanwhile.

Reminds me of the time My parents were looking to downsize. They put in an offer on the first house they saw. It was 'perfect' they gushed. Only in he course of the conversation that followed did it become clear that they had completely 'forgotten' about selling their existing house. A previous lifetime of company sponsored moves when 'all that' was done for them. Sigh

aginghippy Fri 17-Jun-16 13:50:16

Im tempted to thank them for the offer, but it would need to be a bit closer to asking price (its 30k less) for me to accept and I would only want my property to not be marketed anymore until they can proceed.

That's entirely reasonable sandra. Your ea can pass the message along to them.

And their offer means as much as any other. It's the start of a negotiation process. Anybody can pull out of a purchase up to the point where contracts are exchanged.

wowfudge Fri 17-Jun-16 14:33:57

hippy makes the point I was about to: anyone can pull out without consequences other than the loss of any costs they've incurred right up to exchange.

Lelivre Fri 17-Jun-16 15:55:32

We did this just before ours was listed but viewings booked. We did offer asking though. For all you know they went on the market for your house so they maybe very committed (that was the situation with us.)

Coughingchildren5 Fri 17-Jun-16 16:15:22

We offered on a house before we had put our London house on the market.

Within a few hours of putting it on the market we had a buyer with no chain who wanted to move in asap.

The thing which held up our move was the vendor we were buying from.

I think they are being a bit cheeky with a low offer.

newname12 Fri 17-Jun-16 16:18:39

I put my london house up on thursday and had an asking price offer on the saturday.

I will find a house and offer before i put my house on the market this time, as i don't want to hold things up or rush into buying somewhere I'm not 100% on because my buyer wants me out.

StandoutMop Fri 17-Jun-16 16:21:47

We put ours on before making offers, but only as market was so hot no one would take an offer from you if not SSTC.

But the reverse was, we accepted an offer with no where to go and it took us 6 weeks to find somewhere. Someone has to be waiting somewhere, its just how the system works.

RiverTam Fri 17-Jun-16 16:23:39

Houses in our street can sell in a weekend. Depending on your asking price £30k under may on may not be reasonable. If you have an absolute minimum tell your agent, it'll stop a lot of time wasting.

Chloe94 Fri 17-Jun-16 16:35:00

The house we just brought we put an offer in and it got accepted the day after it went on the market... the old owners had put an offer in and had it accepted on there new house already before we offered! You never know how fast a house will sell

sandrabedminster Fri 17-Jun-16 16:38:19

What areas are you all living in london that got offers quickly?

My would be buyer is Putney.

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